Ace Aquatec raises £10m to ramp up AI development
Stolt Sea Farm leads funding round for Dundee-based aquaculture tech innovator
Dundee-headquartered fish farming technology company Ace Aquatec has raised £10 million in an over-subscribed investment round led by Stolt Ventures, the investment arm of Stolt-Nielsen which also owns land-based sole and turbot farmer Stolt Sea Farm. Scottish Enterprise and sustainable aquaculture investor Aqua-Spark also participated.
The money, comprising £7.5m in equity funding plus an additional £2.5m debt facility, will support the creation of 15 jobs at the company’s offices in Dundee, Glasgow, and Chile, the company said in a press release.
The roles will focus on the continued development of artificial intelligence (AI) and its role alongside advanced sensors, cameras, and machine learning algorithms. Ace Aquatec said these developments will offer real-time insights that optimise welfare from cage operations through to harvest, enhancing sustainability, and improving profitability for fish farmers.
Ace Aquatec already supplies AI cameras able to accurately track fish weights, detect health issues (such as wounds or maturation), and track individuals in multiple species. It also produces unique humane slaughter systems for farmed and wild fish using electricity in water.
New sea lice removal systems, utilising these same technologies, are being prepared for commercialisation. According to the company’s website, fish are gently drawn out of the cage by water added to a tube explicitly designed for this purpose, taking advantage of the Venturi effect which increases the velocity of water through a narrower area of pipe.
In the company’s A-ELECTROLICER, the fish gently flow through an in-water low voltage field, which relaxes the fish and loosens any lice or eggs. The fish then go through waterjets, optional aeration bubbles, and a final hot/cold water shower before returning to the cage. Lice and eggs are filtered and destroyed.
Stolt-Nielsen’s investment in Ace Aquatec means that Stolt Ventures head Axel de Mégille will join the board as a non-executive director. Ace Aquatech said De Mégille brings a wealth of experience from board positions at software platform Signol, to blockchain platform WaveBL.
Top talent
Ace Aquatec chief executive Nathan Pyne-Carter said: “Our customer is at the heart of everything we do, and this investment allows us to meet the needs of farmers globally by expanding our portfolio, hiring top talent, and deepening our data capabilities.
“Having the backing of Stolt Ventures represents a pivotal moment in Ace Aquatec’s mission to revolutionise the aquaculture industry through welfare-first innovation, while providing vital employment opportunities. Stolt Ventures represents the perfect strategic fit given Stolt-Nielsen’s leading position in Stolt Sea Farm.
“This investment, alongside Scotland’s national development agency Scottish Enterprise, will ensure strong local support for the team which has the drive, innovation and ambition to be a global player. Our incoming investors complement our existing shareholder group, particularly Aqua-Spark, who continue to provide long-term support for the business.”
Welfare standards
De Mégille said: “This investment demonstrates our ongoing commitment to providing world-class innovative solutions to the aquaculture sector globally and we look forward to working together with the Ace Aquatec team in setting the highest welfare standards while responsibly meeting the changing needs of customers.”
Derek Shaw, director of entrepreneurship and investment at Scottish Enterprise, said its participation in the funding round highlighted the Scottish Government organisation’s dedication to supporting the growth of ambitious businesses in Scotland.
“By helping these companies scale, we aim to create high-quality, high-value jobs and empower them to compete and lead in global markets. Fostering the development of companies such as Ace Aquatec is key to sustaining their success and driving future growth.”
